Yatsen Sued With Hillhouse, Wall Street Banks After Stock Slumps

Investors in Chinese cosmetics maker Yatsen Holding Ltd.are suing the company and its executives, along with its largest outside shareholder Hillhouse Capital, alleging they allowed misleading information to inflate the price of the shares.

The class-action complaint was filed with a federal court in New York on Sept. 23 by Nancy Maeshiro on behalf of all independent investors who bought Yatsen’s American depositary receipts between Nov. 19, 2020 and March 10, 2022.

Morgan Stanley, Goldman Sachs Group Inc., China Renaissance Securities (Hong Kong) Ltd. and other underwriters of Yatsen’s November 2020 US initial public offering were named as ...